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I have seen this two successive parenthesis notation in several books but I am still not sure if it is a correct way to express such a non-existence. I also couldn't be sure $\neg \exists$ is the correct way to express "there doesn't exist". Would love to hear ideas on how to express this in a better way, especially if the way I wrote is wrong.

Sinan
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Yes, this is perfectly fine and correct.

Perhaps the more natural way to put the parentheses would be $$ \lnot (\exists m \;:\; c_m < 0). $$ that is, the not ($\lnot$) has the outermost scope, and modifies the entire sentence, not just the $\exists$. But I do not think the above is very common in practice.

As has also been pointed out, you can simplify it by writing $$ \forall m \; : \; c_m \ge 0. $$